ILWs

Hurricane Maria has compounded fears about how much retro capital could be lost or trapped ahead of the 1 January renewal, when much of the roughly $15bn-$25bn market limit renews

Analysts have said the recent third quarter catastrophe activity could lead to double-digit rate increases in the reinsurance sector, with the impact being even more profound in the retro market

Data provider Property Claim Services (PCS) has released its initial view on insured losses within US territories from Hurricane Irma, putting the figure at $18.03bn, sister publication The Insurance Insider revealed

Hurricane Harvey is likely to produce an industry insured loss of $15.9bn, data provider Property Claim Services (PCS) said in its initial survey of claims from the August event, sister publication The Insurance Insider reported.

Property Claim Services (PCS) has estimated insured losses from two Turkish hailstorm and flooding events in July at $300mn.

Perils said limits at risk placed using its industry loss data reached $3.1bn as of 31 August, up 17 percent on $2.7bn recorded at the same point last year, due to the addition of Australia and Turkey to the database.

Sunday morning forecasts showed Hurricane Irma's projected path continuing to drift west, with the storm expected to brush the Florida coast near Fort Myers and passing close to Tampa before moving on towards the Panhandle and in-land towards Georgia.

One layer of the Citrus Re cat bonds issued by Heritage was marked down to 50c in a small secondary market trade that occurred yesterday, according to Trace records.

Property Claim Services (PCS) has launched a global cyber industry loss index which could pave the way for cyber risk ILWs.

The $430mn Spectrum Re cat bond issued in June this year by fronting carrier Tokio Millennium Re was ultimately for the benefit of Credit Suisse's ILS entities, sources told Trading Risk.

Demand for industry loss warranty (ILW) cover on Hurricane Harvey is moving up to higher trigger levels as fears grow over the extent of private market flooding claims.

JLT Re has appointed Nicolas Bardon as a partner in its Bermuda operation, reporting to head of office Guy Hengesbaugh.